Financial news on October 17th, 2009

Business and Financial news
Bailout Helps Fuel a New Era of Wall Street Wealth

Efforts to stabilize the financial system also set the stage for financial titans to make fortunes in more lucrative areas than lending people money. Read more..

By GRAHAM BOWLEY - The New York Times

Burdened by Defaults, Bank of America Misses Forecast

The third-quarter loss came as growing numbers of consumer loans soured and the bank paid millions of dollars to wean itself off government life support. Read more..

By JACK HEALY and LOUISE STORY - The New York Times

CIT Group Revises Debt Plan

The troubled lender is changing the terms of its restructuring after investors were unhappy with the previous plan. Read more..

By MICHAEL J. de la MERCED - The New York Times

Dow Slips Back Below 10,000 After Earnings Reports Disappoint

Wall Street lost ground after a bigger-than-expected loss at Bank of America and a weak report from General Electric. Read more..

By JACK HEALY - The New York Times

French Retailer to Close Its Russia Stores

The move indicates that a good deal of the shine has come off the fast-growing Russian retail market. Read more..

By MATTHEW SALTMARSH and ANDREW E. KRAMER - International Herald Tribune

In Twist, Trustee Says More Madoff Aides Tied to Fraud

The trustee in the Bernard L. Madoff case said that other employees, who were not named in documents, handled the accounts of Madoff friends and family. Read more..

By DIANA B. HENRIQUES - The New York Times

Making Sense of High-Deductible Health Plans

Employers are offering big incentives to steer workers into insurance plans that can save the company a lot of money, but what is the best fit for you? Read more..

By WALECIA KONRAD - The New York Times

Martha Stewart Fails to Reach New Partnership With Kmart

The company of the home décor doyenne will allow its agreement with Kmart to lapse, just as it begins selling its products in Home Depot in January. Read more..

By BLOOMBERG NEWS - The New York Times

Prosecutors Again Seek Bail for Man Who Helped Madoff

A judge initially refused bail for Frank DiPascali Jr., who has agreed to cooperate with the criminal investigation of the Ponzi scheme. Read more..

By DIANA B. HENRIQUES - The New York Times

The View From Inside a Depression

A lawyer chronicling the Depression in the ’30s concluded that the only proper course was to “use your own judgment and do your own thinking.” Read more..

By JOE NOCERA - The New York Times

See what else happened on October 17th, 2009